Deloitte Research data states that 1 in 3 new hires leave a company within the first year of employment. That number represents a large loss of productive and increased turnover costs. Some turnover in the first year is expected—as both the company and the employee explore whether this is the "right fit" for either of them. But if the right fit is there, companies can improve their talent retention rate significantly by paying attention to the needs of the new employee. And mentoring can help.
Business Mentoring Matters
Think you have a talent problem in your organization? Think again. Learn about a ridiculously easy way to cure the so-called problem (and receive bonus benefits while you're at it).
Common challenges facing so many businesses and Human Resources departments today are educating, developing, and innovating their employees to handle diversity, foreign business practices, cultural differences, and leadership styles on a global level.
Consider how your company currently attracts the best and brightest talent. Certainly, your organization’s reputation is a huge incentive for these eager and skilled men and women. However, can your company expect to survive strictly on its laurels?
As a member of ASTD (American Society for Training & Development), I get their monthly magazine and this month they have an article on Social Learning (August 2011, page 50). As defined by the author, social learning is "...learning with and from others. It's also about using social media tools to learn informally."
I have subscribed to an organization called Peer Resources for a number of years. This website has a lot of valuable and interesting articles on various types of mentoring and coaching. In their most recent online quarterly, the editor, Ray Carr, wrote a very interesting and enlightening article on what's wrong with coaching. I will summarize in this blog, but to get the full article, do go to their webpage and/or email Ray Carr at firstname.lastname@example.org.
A 2008 study by Deloitte Research found that one in three new hires leave a company within the first year of employment. The first-year turnover rate grew to 31.7% in 2007. Although the economic downturn has affected retention, as the economy improves, this statistic will return.
While this sort of "informal" knowledge share works well, it's unpredictable. It happens on the fly or off the cuff...and it may not even happen fully, in some cases. This is why it's important to think about creating a formal knowledge share/talent management system for your organization.
Read the Management Mentors May newsletter to get three reasons why your organization needs to formally share knowledge.